Trump Appoints Crypto Expert Mike Selig to Lead CFTC Following Withdrawal of Previous Nominee

Former President Trump has put forth cryptocurrency authority Mike Selig as the new nominee to lead the Commodity Futures Trading Commission (CFTC). This announcement comes nearly a month after the withdrawal of Brian Quintenz’s nomination by the Trump administration.

David Sacks, who serves as the White House advisor for AI and cryptocurrency, heralded Selig’s nomination as an “excellent choice” in a statement released early Saturday. Sacks praised Selig’s extensive knowledge of financial markets and his dedication to evolving the regulatory framework to ensure the U.S. remains at the forefront in the digital asset landscape. His comments were shared via a post on the social media platform X. Read the statement here.

According to Sacks, Selig has played a pivotal role in advancing the President’s cryptocurrency agenda, thanks to his leadership as Chief Counsel of the SEC’s Crypto Task Force. Furthermore, Selig’s background includes significant experience in traditional commodities, gained during his tenure at the CFTC under the guidance of former Chairman Chris Giancarlo.

In a separate post on X, Selig expressed his commitment to fostering effective commodity markets and promoting freedom, competition, and innovation. He also emphasized his dedication to assisting the President in transforming the United States into the global hub for cryptocurrencies.

Selig’s current role includes serving as the chief counsel for the SEC’s crypto task force. Before this, he was a partner at the New York City-based law firm Willkie Farr & Gallagher.

Trump previously tapped Quintenz in February to run the CFTC. A former CFTC commissioner, Quintenz accused crypto billionaire twins Cameron and Tyler Winklevoss of asking Trump to have “my confirmation be paused for reasons other than what is reflected in these texts,” Quintenz wrote in an X post on Sept. 10.

The texts he was referring to show that Tyler Winklevoss asked Quintenz what he thought about a complaint that crypto exchange Gemini had filed with the CFTC’s inspector general. He cautioned the Winklevoss brother to give “careful thought” should anyone at the CFTC communicate “with you in attempt to undermine or color my potential consideration of these things.”

“I’ve never been inclined to release private messages,” Quintenz wrote in his X post. “But in light of my support for the President and belief that he might have been misled, I’ve posted here the messages that include the questions Tyler Winklevoss asked me pertaining to their prior litigation with the CFTC. I believe these texts make it clear what they were after from me, and what I refused to promise.”

Commissioners Summer Mersinger and Christy Goldsmith Romero stepped down in May in anticipation of a new CFTC head. Commissioner Kristin Johnson stayed in her role until Sept. 3.

Acting chair Caroline Pham, who was tapped to lead the commission the day Trump returned to the White House in January, also congratulated Selig.

“Mike’s deep familiarity with CFTC markets will benefit all our constituents, from agricultural and energy producers, to exchanges and market participants, and digital asset firms,” she wrote on X. “Mike is the right leader for this pivotal moment for innovation and market structure. Together, the CFTC’s Crypto Sprint and SEC’s Project Crypto will usher in a new Golden Age of Crypto.”